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May 19, 2022 by: Miles

Valuables: The Definition From Insurance Professionals

 

We’re all attached to the things that we own. If we hold on to something, it’s probably because we like it, it has sentimental value, or both. It’s only natural to want to make sure the stuff you own has protection.

If something happened to your possessions, there’s no doubt you’d be upset. Replacing stuff you like is one thing, but items with sentimental value are another matter.

Despite this, it’s good to have insurance to cover damage to your valuables. The things you own are valuable to you, but insurance companies may feel differently when they have to pay on a claim. Here are a few things insurance companies consider when insuring your possessions.

What Are Your Valuables?

When you purchase home insurance, insurance companies ask if you have valuable possessions in your home. The term “valuable” refers to anything expensive, rare, or collectible. Some of the things insurance companies consider valuable include:

  • Fine jewelry
  • Watches
  • Art
  • Furs
  • Fine china and silverware
  • Coin collections
  • Stamp collections
  • Firearms
  • Sports equipment
  • Musical instruments
  • Cameras
  • Electronics
  • Medical equipment

What Is a Personal Articles Policy?

A personal articles policy is separate from your homeowner’s or renter’s insurance. It provides extra coverage for your possessions with high monetary value. It covers specific items and includes things that have a high likelihood of being lost or stolen.

Expensive jewelry and guns are the most common possessions covered, but anything in the list above can receive coverage under this policy.

How Does a Personal Articles Policy Differ From Personal Property Insurance?

Personal property insurance on your homeowner’s policy covers everything that’s in your home. If an earthquake destroyed your home, everything in your home has coverage.

Basic homeowner’s insurance/renter’s insurance typically covers just $2,500 worth of property. Anything that’s stolen or damaged beyond that $2,500 means you won’t receive anything. Every item listed on your personal articles policy gets coverage, without a deductible.

You can also “blanket” your possessions on a personal articles policy. This covers your possessions without itemizing them.

To avoid the hassle of going through an insurance claim, compact vaults are a good investment for some of your most valuable possessions.

Are Your Possessions Covered Outside the Home?

Of course, there are times when you wear your prized jewelry or take your high-end camera out of the house. Most policies do not cover your valuables once they leave your home. You’ll have to get additional coverage.

Even if insurers do cover your possessions, there are policy limits.

Always Maintain Your Coverage

The last thing you want is to be left in a lurch when something happens to your valuables. Check your policy to make sure everything you own gets covered. If not, get additional coverage or switch to a policy that provides full coverage.

We have more articles on our site if you need advice. We cover a wide range of topics, and we’re sure our resources will give you the information you need. Subscribe to our blog to always have access to the latest info.

May 17, 2022 by: Miles

What Questions to Ask a Financial Advisor? Here are 7 You Must Ask

 

Business Financial Planning Financial Analysis for Corporate Growth

Keeping up with investments on your own can be challenging. And depending on your experience level and how invested you are in your portfolio, it could be draining as well. If you’re looking to outsource some of your finance-related needs and care, look no further than a financial advisor.

But with so many financial advisors to choose from, how do you choose the right one for you? We should know what questions to ask a financial advisor before doing our research.

As it turns out, the questions to ask a financial advisor are pretty simple but they can give you an idea of their philosophy and what they’re all about. Here are 7 questions to ask your financial advisor.

What Questions to Ask a Financial Advisor

A financial advisor should have a solid understanding of an investor’s needs to provide the best possible service. If an advisor doesn’t have experience working with clients that have similar profiles, they may not be the best fit. Know if they have experience with clients like you especially when you are still new to making investments.

We must have some knowledge of what kind of investments they are experienced in. We should know that there are different types and that there are also different ways how to handle them.

Dealing with Licensed Financial Advisors

Ask about their qualifications. Advisors should be properly registered and have the necessary licenses to provide financial advice. Investors can check an advisor’s credentials by looking them up on the SEC’s Investment Adviser Public Disclosure website. You can be a lot more confident with the services that you can get from a licensed professional.

Knowing the Investment Philosophy

What is your investment philosophy? This question helps an investor determine whether an advisor’s viewpoint on investing jives with their own. An advisor’s investment philosophy should be compatible with an investor’s risk tolerance and overall financial goals.

How Much Their Services Cost

How will you be compensated? Some advisors charge fees based on a percentage of assets under management while others charge hourly rates or flat fees. It’s important to know how an advisor will be compensated as it can impact the quality of service an investor receives.

Top-rated advisors may have a higher fee but you can also get a much better quality in what they have to offer.

Know if There Are Any Potential Conflicts

What are the potential conflicts of interest? An advisor should disclose any potential conflicts of interest before working with an investor. For example, if an advisor is also working as a broker, they may earn commissions on the profits that they deliver to their clients.

Benefits of Working with a Financial Advisor

When it comes to your finances, it’s important to have someone you can trust to give you solid advice. A financial advisor can help you set and achieve your financial goals, whether it’s saving for retirement, buying a home, or investing in a business.

Making investments would also come with certain risks. Working with someone that has a lot of knowledge of the market can help make much more intelligent investments.

Knowing Their Track Record

When interviewing a potential financial advisor, be sure to ask about their track record. Specifically, ask about their experience working with clients like you, and ask for referrals from past clients. Also, ask about the results they have achieved for past clients.

Be sure to ask for specifics, and be sure to follow up with the referrals. Their track record can help us determine how good they are at doing their job. We need to make sure that we are following the advice of an expert.

Getting the Best Financial Help

If you’re thinking about working with a financial advisor, be sure to ask these seven important questions first. It will help you know what questions to ask a financial advisor. Doing so will help you determine if the advisor is a good fit for you and if they’re able to provide the services you need. From our end, we want to make sure your finances are in good hands!

If you want to get hands-on financial help, hire a financial advisor today.

May 16, 2022 by: Miles

The Difference Between Passive and Active Investing

Did you know that only 56% of Americans are invested in stocks? And even fewer invest enough to be on track towards a healthy retirement.

Most Americans know the importance of investing, but few actually follow through.

Are you looking to finally start investing a decent portion of your income? Then you need to choose either a passive or active investing strategy.

Both investing strategies can work to help you grow your wealth over time, earn compound interest, and move closer to retirement. But they have different costs, risks, and requirements.

Keep reading below to learn which strategy you should use to build your investment portfolio.

What Is Active Investing?

Active investing is a daily or weekly process that takes a lot of time. It requires constantly looking at the markets and making regular trades. It’s the hands-on approach to investing.

Many individuals are interested in managing investments themselves. But this requires you to pour over charts, news articles, and financial talk shows throughout the week.

Active investing as a retail investor is like a second job. Or it’s your main hobby since you’ll spend all of your non-working hours managing your portfolio in hopes of higher returns than passive investing can provide.

If you don’t want to spend all of that time managing your portfolio this way, but still want to obtain the highest possible returns, you can work with a portfolio manager who actively manages funds on your behalf, in exchange for a fee.

Click here for more info on working with a financial advisor to build the best portfolio for you.

What Is Passive Investing?

Passive investing is just the opposite. Passive investing doesn’t require daily, or even weekly attention. Very little time goes into this investing strategy.

It’s essentially a “set and forget” investing approach. And as long as you choose the right assets to invest in, it can prove to be effective.

With passive investing, you are making very few trades. You’re not constantly selling and buying other stocks, depending on the nature of the market that day.

It’s not about “trading.” Passive investing is all about putting money into stocks that will perform well in the long term and weathering any storm that comes your way.

With fewer trades happening, you’ll be paying far less in fees and commissions. And you won’t have to spend your free time reading, watching, and researching the markets every day.

The Difference Between Active and Passive Investing

People opt for active investment strategies in hopes of obtaining higher returns than the standard market rate. In exchange for this, they are paying more in fees as well as time.

Passive investing is the acceptance of the average return. In exchange for a slightly lower return, they pay less in fees and don’t need to spend any time managing their investments.

Choosing Your Strategy

So which investing strategy is right for you? Do you enjoy the excitement of active investing, where you’re making weekly or even daily trades? Or would you prefer a passive strategy, where you rarely need to think about the markets at all?

Both can work, as long as you stay consistent with your investments.

Looking for more information like this? Visit our blog now to keep reading.

May 16, 2022 by: Miles

What Is Considered Investment Income?

 

Hand of woman watering small plant in pot shaped like growing graph

Did you know that more Americans than ever before are invested in the stock market? Making investments is an important part of financing because it can help with retirement and paying off debts.

If you don’t currently make an investment income, you might not know where to start. Although stocks are common, they aren’t the only investment vehicle.

Keep reading to learn more about investment income.

What Is Investment Income?

Investment income refers to money received through capital gains, interest payments, or dividends from the sale of stocks, among other assets. Any additional profit made through an investment vehicle is considered investment income.

For example, unique profits from the sale of fine wine or gold are also investment income.

Sources of Investment Income

Investment financial gains come in different forms. Some securities can provide dividends and capital gains while others provide both capital gains and interest payments.

A well-balanced portfolio is one that combines various security types. Some of the most common income sources include:

Stocks

Stocks, otherwise known as equities, represent a fraction of the ownership of a company. You can generate income by purchasing stocks through capital gains and dividends.

To make investment income with stocks, you’ll sell the stock to another investor.

Bonds

Bonds are shares of corporate or government debt and represent the face value of the debt issued by an entity. The in-debt entity will make fixed-interest payments on the bond during its lifetime.

Once the bond expires, the entity pays the bondholder back for the value of the bond.

Real Estate

You can also make investment income through real estate. Offices, homes, holiday lodges, and other buildings generate income through capital gains.

There are some circumstances where profits, like rental payments, can be considered investment income but it is most likely considered earned income.

Funds

Funds are a portfolio of assets that can include exchange-traded funds (ETFs) and mutual funds. A fund holds a group of assets like bonds, real estate, and stocks.

Investors can buy a percentage of a fund rather than the entire thing. If you have a fund in the form of shares, you receive a proportional share of the fund’s returns.

Shareholders are paid based on interest, dividends, and capital gains.

Annuities

An annuity contract is made with an insurance company. In general, you pay upfront for this contract and the insurance company makes regular payments to you plus a fixed rate of return.

However, there are different types of annuities that you can choose from.

This is a common investment vehicle to generate future income in the form of interest payments.

Making Investment Income

Investment income is money generated in exchange for ownership. This is money you make by owning an asset and selling it.

The most common sources of investment income are stocks, bonds, real estate, funds, and annuities.

By knowing a little bit about each of them, you can decide how you want to make an investment income. For more tips on finance and investing, check out the other posts on our blog.

May 9, 2022 by: Miles

Is It Smart to Collect Vintage Currency?

 

Are you trying to find a unique investment option? Are you trying to find a great asset that can potentially bring in a huge pile of cash within a few years?

Well, you might not have to look further than cash and coins themselves! One of the most unique investment opportunities is to collect vintage currency.

Both types of old money, whether paper money or coins, can often appreciate far beyond their face value.

Here’s what you need to know about coin collecting and gathering old paper money:

Why Vintage Currency Is Valuable

One reason why even seasoned investors hesitate to buy vintage currency is that they worry about liquidation. It’s true that there are fewer interested buyers for vintage currency compared to other assets such as precious metals.

However, what makes old money valuable is that they are rare. While buyers might be few and far between, they’re willing to spend top dollar on old Federal Reserve Notes, Pound Sterlings, Francs, Pesetas, Rupees, etc.

You’ll have to spend more effort finding buyers for your vintage currency. However, due to their rarity it’s often one of the best investments you can make.

What you should do before buying old money is to find interested buyers in your area. Ask them what type of old money they’re most interested in. You can focus on sticking to buying what your local buyer market wants.

You can also look online to find vintage currency collectors across the globe. Online marketplaces can give you a great idea of what types of old money is most popular among collectors.

Acquiring Paper Money

Now let’s look into acquiring paper money as part of your investment plan. When you buy paper money, you want to focus on notes that are out of circulation.

For example, let’s suppose your country’s central bank decides to stop issuing a particular denomination of a banknote. If you own these banknotes, then you should keep them aside.

Don’t spend them even if they’re still considered legal tender. It’s possible that these banknotes might become valuable within a few decades.

One of the cheapest options at present is to buy older European currencies from nations that have adopted the Euro. These currencies such as the Deutschmark, Peseta, or Francs, are old money but aren’t yet vintage.

As such, it’ll be rather cheap to buy money printed in the 1990s and early 2000s before the widespread adoption of the Euro. This paper money won’t be valuable now but might become valuable within a few decades.

If you have disposable income, consider buying paper money from a previous century. As a beginner, stick to one country or region when buying paper money.

For example, you can buy Confederate money or banknotes from Colonial America. You can also buy old UK Pound Notes or paper money from different colonies within the British Empire.

These will be among the most expensive banknotes to buy. However, in the long run, you might be able to sell these banknotes for a six-figure sum within a few years.

Coin Collecting

The next aspect of investing in vintage currency is to start coin collecting. Many investors like to focus solely on coin collecting and many buyers are more eager to buy coins than paper money.

In many parts of the world, there’s a drift toward a cashless society. In such societies, it’s often the coins that go before the paper money.

As a result, you should try not to spend coins if you can help it. If you have any spare change, keep it aside and don’t spend it or convert it to cash.

As with paper money, start collecting coins that are out of circulation. Once again, the easiest route is to buy old European coins from nations that have adopted the Euro.

When you buy old coins, you want to ensure that they’re of pristine quality. While you can get away with a torn banknote, a stained coin can lower its value. You might lose the potential to earn several thousand if your coin isn’t in the best shape.

The best route is to use an online retailer that specializes in selling old coins. They’ll validate the authenticity of the coin and will provide details on the quality of the coin. You can check out the collection of survival coins from CMI to start your investment journey.

What to Look For

Let’s wrap up by looking at some of the features that make paper money or a vintage coin valuable.

Money that has images of persons is more valuable than images of landscapes or buildings. As a general rule, you should always choose paper money or coins that show a historical figure’s face rather than a piece of architecture.

Money from “former” countries is often the most valuable. This is why you want to buy Yugoslavian currency or Soviet currency. These are more valuable than money from the modern-day countries that were born out of these larger nations.

Next, you want to look at the artistry on coins and banknotes. As a general rule, the more intricate the design is the more valuable the vintage currency will be.

If you find high denomination notes or coins, these might be valuable. Many central banks have issued these high denomination monies during periods of hyperinflation. Collectors would love to get their hands on a 500,000 Yugoslavian Dinar or 100 Trillion Zimbabwean Dollars!

When focusing on coin collecting, stick to coins made from precious metals. For example, all silver-colored coins minted in the United States before 1965 are made of 90% pure silver! These are far more valuable than coins made of base metals such as nickel.

Start Your Vintage Currency Collection Today

Now you know that buying vintage currency is a valuable investment and how to start your collection.

When focusing on paper money you want to set aside all uncirculated currencies. The best option is to buy paper money from former countries. You can start, however, by buying paper money from European countries that have adopted the Euro.

With coin collecting, you want to choose coins made of precious metals. Ensure that the coins are in pristine condition if you want to sell them in future.

You can learn even more about vintage currency on our blog!

April 28, 2022 by: Miles

Investment Manager Guide: Should You Hire Traders to Work for You?

Choosing where to put your money is a continuous process, not a single event. When it comes to money, one size does not fit all.

It’s easy to understand surface-level portfolio allocation; the complexity comes from your age, personal risk choices, and job retirement plans. So you may want help at some or all stages in your journey, like an investment manager or a trader.

But, before you employ someone, keep on reading to learn all about hiring traders or investment managers, and whether it’s worth it in the long-run.

To Hire or Not to Hire an Investment Manager: Understand Your Needs

An online service that allows you to enter your financial information and get basic guidance is ideal for those who have a single financial objective, such as saving for retirement.

Consider working with an investment manager to help you manage conflicting priorities like paying for your children’s college education, purchasing a house, and preparing for retirement.

Setting objectives and devising a long-term financial strategy may be made easier if you have a third person who can act as a neutral arbiter. It’s beneficial to your money and your relationship to learn together.

Another reason to hire a financial advisor is if you want someone to calm you down when the stock market goes bananas and keep you on track to reach your objectives.

If your main goal is to beat the stock market returns, you may want to explore elsewhere. Even the most experienced specialists have difficulty with this. Be wary of those who try to fool you with their arithmetic prowess by using gimmicky techniques.

Employee assistance programs (EAPs) offered by employers or the investment company managing your plan may give seminars if you’re in need of assistance with your retirement savings strategy. Investing in mutual funds tailored to your retirement date is an easy way to get started.

Be aware of both your strengths and your weaknesses. Make a deliberate effort to break down your financial questions into manageable chunks.

Don’t Overestimate Your Skills

Consider a customer who got $80,000 from a great-uncle was that he overestimated his abilities.

A complete novice in the world of investing, he chose to put his initial $30,000 into three equities he was certain would do well. That $30,000 decreased to $12,000 by the time the rest of the $50,000 came in six months later. Eventually, he realized he needed help and was prepared to pay for it.

Explore the Costs and Value of Professional Advice

Creating an account is completely free, however trading may be somewhat expensive. Be cautious to examine mutual fund expense ratios, since some impose a “load,” or commission, when you purchase. All mutual funds have underlying charges, but those management costs and fees vary greatly.

If you enlist the services of a financial management business, you’ll likely be paid a fee based on the value of your assets (AUM). If your investments move up or down, you’ll have to pay around 1% of the value of your assets each year in this tax. In certain cases, a business may transfer you to a junior employee or reject you as a customer depending on how much money you have.

Investment companies like Fidelity and Vanguard may provide a more affordable option. They will help you come up with a simple financial plan and suggest mutual funds.

The advice is likely to be general, and the personnel changes often, so you may have to deal with a new individual on a regular basis. Even so, if the first session is free, it’s worth your time to listen to what they have to say.

Full-service companies might also be found. They bought and sold stocks in the past, and it was quite evident what they did. These days, when they serve you, they are paid all kinds of fees and commissions for their services.

Recognize that salesmen go by a variety of names. Be aware of the several methods in which they may be reimbursed. Make sure you know what you’re doing before you do it.

You may only obtain investing advice online if you have a large amount of money or if you pick a high-end provider. Make sure to compare any other free consultations you’ve had, such as from your 401(k) provider.

And, if you’re interested in swing trading or day trading, make sure that you’re hiring someone with the right experience.

Seek the Services of a Fiduciary

Fiduciaries are required to always operate in the best interest of their clients, rather than the product that earns them most money. If you employ a financial expert for investing advice, be sure that person is a fiduciary.

Although the word “financial planner” is not regulated, all Certified Financial Planners are fiduciaries. For tax concerns, insurance and cash flow as well as investments they are taught. Between $150 to $400 an hour, a one-time consultation is possible. If you’re looking for an hourly service provider, this is a good place to start.

Consider Federal and State Taxes

No investment advice is tax-advantaged just because it was given to you by a qualified expert. After taxes, even investments that seem to be excellent may turn out to be less than stellar.

Your tax specialist is the only one who understands your situation. Consider seeing a tax specialist to assist you decide what kind of retirement plan is appropriate for you and your financial future, or when to cash out stock options. You should consult with your accountant before making any important decisions.

A CPA or an enrolled agent (EA) may provide tax counseling and preparation services, and they are both registered with the Internal Revenue Service. However, EAs are less expensive than CPAs. You may, however, do your own taxes if they are straightforward.

Hiring the Right Financial Professional: Explained

Whether you’re interested in hiring a investment manager or hiring traders, the basics are the same. You’ll need to do your research, and know exactly what you want out of this process. We hope that our guide has shed some light on the topic.

But, if you’re hungry for more information, you should check out our finance section for more advice and tips.

April 25, 2022 by: Miles

What Is a Title Pawn? 3 Things You Should Know

It’s no secret that the US is in a tough financial spot right now. Inflation is sitting at a 40-year high and continuing to rise. On top of that, economists predict that we’re headed for a recession in 2023.

With today’s financial situation, it should come as no surprise that so many Americans struggle to make ends meet, let alone put money away for emergencies. If you’ve found yourself in a financial pinch, you’re probably considering whether a title pawn is right for you. Read on to learn what you need to know before you hand over your pink slip.

1. It’s a Short-Term Loan Product

The first thing you need to know about title pawns is that they are a short-term solution to your financial needs. They aren’t credit-based, which is why you hand over the title to your car when you sign for the loan.

Title loans come at a steep cost in terms of interest rates. The average interest rate on title loans in the US is about 25%, which means you’ll pay $250 in interest for every $1,000 you borrow.

Some people who take out title loans can’t afford to pay the interest, and they end up renewing the loan to keep from paying it off. Over time, they end up paying thousands of dollars to the title loan company. Make sure that you can afford to pay the interest once the loan is due, and try not to renew the loan at the end of the term.

2. Title Pawn Requirements

In order to qualify for a title loan, you need to have a car that is free and clear of any other liens or loans. That means you own your car outright and have proof of it from your state’s DMV. Some loan companies may make an exception if you have a significant amount of equity in your vehicle, but be sure to ask before going through the application process.

3. You Won’t Get the Full Car Value

Giving people title loans is a risky business for lenders, especially without running the credit of applicants.

For this reason, most title loan companies won’t give you the full value of your car for your loan. Expect most title pawn companies to offer you up to 50 percent of your car’s value as a loan. In most cases, that’s around $5,000 max.

That said, you don’t have to accept the full value of the loan. Only accept a loan that covers your short-term financial needs, and that you can pay back on time, including interest.

Is a Title Pawn Right for Your Financial Needs?

Today’s economy leaves little margin for error when it comes to your budget. If you’re in a bind, there aren’t a lot of options to help bridge the gap unless you have stellar credit. Utilizing a title pawn is a solid way to make ends meet, as long as you use it judiciously and repay it on time.

Are you looking for more great ways to hone your financial knowledge? Check out the rest of our blog for tons of great financial advice!

April 21, 2022 by: Miles

How to Organize Your Financial Documents

 

office paper

If you’re anything like me, your desk is cluttered with an assortment of financial documents – bills, receipts, bank statements, and more. It can be daunting to try and organize everything, but it’s important to keep track of your finances. Here are a few tips on how to get started with document organization.

1. Know What Documents You Need to Keep

One of the most important aspects of document management is knowing what documents you need to keep and for how long. There are many factors to consider when determining how long to keep a document such as legal requirements, company policy, and business needs. Take the time to determine what financial documents you need to keep and develop a plan for storing and retrieving them.

2. Keep Track of Income and Expenses

Keep track of your income and expenses each month. This will help you keep tabs on your spending, budget for upcoming expenses, and plan for long-term financial goals. By tracking your income and expenses as well as your personal finances, you will be able to easily document your financial situation.

3. Simplify Your Tax Preparation

Taxes! No one likes doing them, but everyone has to. The best way to make tax time less stressful is to be organized. Gather all your financial documents – W-2s, 1099s, bank statements, receipts – and put them in one place.

Then you can take your time sorting through everything and figuring out what you need. You may even be able to do your taxes yourself, which would save you money on accountant fees. The key is to be organized and take your time.

Don’t wait until the last minute to start gathering your documents. That will only make the process more difficult and stressful.

4. Automate Finances

If you want to get ahead financially, you need to get organized. An effective way to do this is to have your finances automated. This means setting up a system where your financial papers are automatically stored and organized.

This can be done by creating a budget and tracking your spending. You can also set up automatic payment for your bills and investments. This will help you stay on top of your finances and make it easier to track your progress.

5. Have a System for Document Storage

When it comes to paperwork, the most important thing is to have a system for document storage to organize financial documents. This system can be as simple as alphabetical folders in a filing cabinet, or you can use folders or tabs like those from Tabshop.com to organize your records. Either way, the key is to have a place for everything and to know where everything is.

6. Implement a Regular Document Purge

A regular document purge will help to organize financial documents. This can be accomplished by setting up a schedule to review and purge documents on a regular basis. Reviewing documents regularly will help to keep them organized and up to date.

Purging outdated or unnecessary documents will help to keep the financial documents organized.

Journey To Your Document Organization

If you want to get your financial life in order, you need to get organized. By following these steps, you can take control of your finances and achieve your financial goals. This will save you a lot of time and frustration when the time comes to do your taxes or review your financial records.

Check out our other articles about document organization!

April 19, 2022 by: Miles

How to Reduce Your Monthly Debt Payments

 

Debt Management Plan on a table.

The average American household harbors over $150,000 of debt.

Debt is financially crushing and makes paying for necessities challenging. Some people lose their cars, homes, and other valuables because they cannot make their monthly debt payments.

If you’re finding difficulty managing debt, you’re not alone. Here are some steps you can take today to reduce your debt and start preparing your finances.

Create a Budget

Budgets show you where you’re spending your money. Without a budget, you are spending money without knowing where it’s going.

If you don’t already have a budget, create one to see how much debt you’re in and where your monthly payments are going. Knowing your income allows you to structure your budget in a way that allows you to pay your bills on time.

Financial Counselling

You might be wondering, what is debt counselling? Debt counselling is when you speak to a financial advisor and they walk you through your debts. They also work with your creditors to negotiate new payments that make it easier on your finances.

Debt counselling is helpful for people who need an extra pair of eyes on their finances. It also alleviates a lot of work on your behalf.

Consolidate Your Debt

Sometimes debt reduction needs to happen with consolidation. Debt consolidation means combining all or most of your debt so you have a smaller monthly payment instead of several large ones.

If you have a lot of debt, you likely have varying interest rates which makes your payments high. By consolidating your debt, you may reduce your interest to one rate and one payment, making it significantly less stressful. Make sure you shop around for the best rates before agreeing.

Don’t Take on More Credit

When you’re trying to get out of debt, limit your purchases to things you need only. Avoid making any large purchases or even small ones as you’re working on chipping away current debt.

Continuing to purchase groceries or other necessities on a credit card with a high balance only makes paying off that debt more challenging. Find a way to make important purchases without using a credit card.

Transfer Balances

Transferring your balances to another card with a lower interest rate may help reduce your monthly payments. Although, this may only work well if you have a good credit score and make your payments on time. In order to use another credit card to transfer your balance, the credit company needs to check your credit, which puts a hit on your credit report.

Be sure to shop around for cards with low-interest rates. Occasionally, companies run specials or incentives like 0% interest for new customers. If you clinch this rate, try to pay off the debt as soon as possible to save yourself money.

Reduce Your Monthly Debt Payments

By reducing your monthly debt payments, you can pay off debt and land in a more financially stable place. Getting out of debt is challenging, but the rewards are worth it.

Staying financially healthy is key to reducing financial stress. Learn more about keeping your finances in order on our Finance page.

April 18, 2022 by: Miles

How to Make Money From Cryptocurrency: A Brief Guide for Beginners

If you’ve ever considered investing in cryptocurrency, now is the perfect time! A recent industry-wide report claims that within the next few years, the cryptocurrency market will skyrocket to an estimated worth of $32.4 trillion.

At the same time, getting started in the world of cryptocurrency isn’t exactly easy. You’ll need some guidance and great tips to see you through.

Keep reading to find out how to make money from cryptocurrency, whether you’re looking to buy, trade, sell — or all of the above!

Start Small

The best way to treat a cryptocurrency investment is to think of it as a learning opportunity.

Say you wanted to learn to play Texas Hold ‘Em. You wouldn’t start by trying out for the World Series of Poker. Instead, you’d play small pick-up games so you could get a sense of the rules and start to build your confidence.

Learning to invest in cryptocurrency is a lot like that. You’ll want to start small before investing in the big guys like bitcoin, so start your digital portfolio and look for affordable opportunities. Sites like Nested make the process easy and fun, so check it out to see how you can leverage the power of social trading as you buy cryptocurrency.

Thankfully, there isn’t a shortage of investment opportunities out there. Since the crypto industry is so lucrative right now, new coins hit the market all the time. Pick something small and get a feel for investing and trading.

Consider Building a Mining Rig

You can do so much more than just buy cryptocurrency. You can earn it through a process known as mining, too.

It’s an extremely complex process, but the gist is that your computer, or ‘rig’, will solve a series of mathematical puzzles. If your system manages to solve the puzzle first, you win! Otherwise, it’s on to the next one.

This is a great idea for those primarily looking to sell. However, mining rigs take up quite a bit of space and use up a tremendous amount of power, so make sure you have the means to purchase a rig.

Learn to Predict Trends

In the early days of crypto, it was mostly a matter of being in the right place at the right time. But now we have so much more information on how people invest in and buy cryptocurrency.

The biggest gift you can give yourself is a strong base of knowledge. Find some news sources you trust and follow them.

Eventually, you’ll start to pick up on patterns that can allow you to jump in on trends. So next time Dogecoin skyrockets, you’ll be there to reap the rewards!

How to Make Money From Cryptocurrency Without Going Broke

At the end of the day, it’s all about playing it smart. Don’t invest in anything you’re unfamiliar with. Likewise, don’t think that you have to invest in the latest thing just because the internet goes crazy for a new coin.

There are plenty of great, long-standing cryptocurrencies out there, whether you’re looking for tried-and-true favorites or you want to mine your own.

For more tips on how to make money from cryptocurrency or through other means, make sure to stay glued to our tech and business sections for all the latest info!

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About Us

I’m Miles, the editor and creator of this blog. I am a big nerd for anything tech related and I have also developed a big passion for photography and film. I discovered this passion after taking a course in school and ever since I have fallen in love with capturing everything from sports, to travel, to cars, and much more Read More…

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About Us

I’m Miles, the editor and creator of this blog. I am a big nerd for anything tech related and I have also developed a big passion for photography and film. I discovered this passion after taking a course in school and ever since I have fallen in love with capturing everything from sports, to travel, to cars, and much more Read More…

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